Give Me Credit
An agreement in which a borrower receives something of value now and agrees to repay the lender in the future, generally with interest
Credit
A deposit which is electronically transferred from your employer to you
Direct Deposit
HAHAHA! You've Just Found a Steal
Select a team that you want to take 100 from.
Use simple interest to find the ending balance:
$34,100 at 4% for 3 years
$38,192
What are not-for-profit organizations in which you must be a member?
Credit Unions
Which of the following is NOT a reason why we use credit?
a. Avoid paying cash for large purchases
b. To build credit
c. Meet a financial emergency
d. Meet basic living expenses
d. Meet basic living expenses
You Rule!
Create a Rule that a team must follow for one turn
is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website
Online Banking
Use compound interest to solve this problem:
18000 at 9% compounded semiannually for 6 years
$30,525.87
BOOOOO!
Skip you this round!
What are the names of the three major credit bureaus?
Equifax, Experian, and TransUnion
is the protection of smartphones, tablets, and laptops from threats associated with wireless computing.
Mobile protection
A fee for conducting business through your bank
Service Charge
HAHAHA! You've Just Found a Steal
Select a team that you want to take 300 from.
Hannah Montana earned $240 in simple interest in 6 months at an annual interest rate of 7.8%. How much did she invest? (Hint: this is a two step problem)
$249.36
What is a good credit score?
680-699
What is the formula for computing Total Deposit
Total Deposit= (Currency+Coins+Checks)-Cash Received
What (2) things should you look for when looking to create a savings account?
a. low interest rate/low monthly fees
b.high interest rate/ high monthly fees
c. no interest rate/ no monthly fees
d. high interest rate/no monthly fees
d. high interest rate/no monthly fees
Use simple interest to find the amount of the ending balance:
$20,000 at 8% for 2 3/4 years (hint: this is a two step problem)
$24,400
Up to how much of your money is insured in a commercial bank or credit union?
$250,000
King Me
Take away 250 pts from one of your opponents
What is the minimum amount that you must deposit to open a checkings account?
$25
T/F: Most millionaires make their money in glamourous ways (celebrities, athletes, etc)
False
With compounding interest, which of the following influences how much is earned?
Frequency of compounding
a. The balance on which interest is paid
b. Interest Rate
c. None of the above
d. All of the above
d. All of the above
What is the Compounded Interest Formula?
A= P(1+r/n)^nt